{"id":609389,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/youre-going-to-pay-more-at-the-pumps-today\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"youre-going-to-pay-more-at-the-pumps-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/youre-going-to-pay-more-at-the-pumps-today\/","title":{"rendered":"You\u2019re going to pay more at the pumps today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Your petrol bill is going up:<\/strong> The Madouly government hiked fuel prices by 9-14% on Friday, according to decisions published in the Official Gazette. Prices at the pumps now stand at:<\/p>\n<ul>\n<li><strong>95-Octane is EGP 12.50 per liter<\/strong>, up 9% from EGP 11.50;<\/li>\n<li><strong>92-Octane is EGP 11.50 per liter<\/strong>, up 12% from EGP 10.25;<\/li>\n<li><strong>80-Octane is EGP 10.00 per liter<\/strong>, up 14% from EGP 8.75.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The price of c<\/strong><strong>om<\/strong><strong>pressed natural gas for automobiles has risen 22%<\/strong> to EGP 5.5 per cubic meter, up from EGP 4.50 previously.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t expect much of an impact on the price of food and other goods \u2014 or public <\/strong><strong>transport.<\/strong> The fuel pricing committee left the price of diesel unchanged, the Oil Ministry <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/4knbyfjk\" style=\"\" rel=\"noopener\">said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the second time this year the government has raised fuel prices:<\/strong> Gasoline prices rose 16-25% <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98ceb593-2d68-4173-8411-f7dd2c35b111\" style=\"\" rel=\"noopener\">in March<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> Disruptions in the energy market from the wars in Gaza and Ukraine have had a \u201cdirect and indirect impact on global oil prices, sending Brent crude over USD 90 per barrel over the last few months,\u201d the ministry said. Crude prices have also been pushed upwards by tightening global supply from OPEC+ production cuts and rising demand in Asia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hike comes as we look <\/strong><strong>to reduce our import bill from refined oil products<\/strong><strong>: <\/strong>TheEgyptian General Petroleum Corporation reportedly plans to increase the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fce7768-6487-4227-b5ef-860694c72f8a\" style=\"\" rel=\"noopener\">crude imports by 40%<\/a> starting in FY 2024-2025. By bringing monthly crude imports to 7 mn barrels from 5 mn currently, the government hopes to start refining more petroleum products locally to reduce our import bill from refined oil products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The Finance Ministry increased fuel subsidies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b03aea9c-e969-4c2b-b3fa-81b070dd812d\" style=\"\" rel=\"noopener\">by 24% to EGP 35.9 bn<\/a> for FY2023-24 as it penciled in oil prices of USD 85 per barrel for the fiscal year, up from USD 80 per barrel this fiscal year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El SISE TELLS GOV\u2019T TO CUT CONSUMPTION<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cCut your fuel consumption by half,\u201d El Sisi tells gov\u2019t: <\/strong>President Abdel Fattah El Sisi directed the government to reduce its consumption of fuel by 50%, according to local media (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=5ssTqICEEsc\" style=\"\" rel=\"noopener\">watch: runtime, 0:25<\/a>). A government source told Enterprise that the new hikes will raise the government fuel bill to EGP 6.6 bn, up from EGP 6 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More gov\u2019t expenses cuts on their way: <\/strong>El Sisi\u2019s directive coincides with the cabinet giving their approval to a series of initiatives to reduce government spending. We have the full rundown on the state\u2019s plan to cut its spending in Cabinet Watch, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The Madbouly government has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5509f320-a92c-4c1c-a7a4-fffcfdbb7302\" style=\"\" rel=\"noopener\">purchased hedging contracts<\/a> in September covering 35% of its estimated oil imports for the current fiscal year that ends in June 2024, locking in crude purchases at around USD 75-80 per barrel, below the USD 85 budget benchmark. The government expects Egypt to import around 100 mn barrels of crude this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prices have now risen 16-25% in 2023<\/p>\n","protected":false},"author":1,"featured_media":609390,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[104,93,72,819,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-economy","tag-energy","tag-enterpriseam","tag-fuel","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"bdb1778c-42af-4168-bf2b-b59955a959ad","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/143.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt hikes fuel prices by up to 14%","related_issue":[609384],"teaser":"Prices have now risen 16-25% in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.c270c273-41c5-42ae-a048-96e24aea7205.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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This means that motorists will now pay an extra EGP 0.25 per liter for 95,\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547844,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/youre-going-to-pay-more-more-at-the-pumps-again\/","url_meta":{"origin":609389,"position":1},"title":"You\u2019re going to pay more more at the pumps, again","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"The government raised the price of diesel last week for the first time in years as it looks to reduce its subsidy bill amid rising global energy prices. In its latest quarterly meeting, the fuel pricing committee increased the price to EGP 7.25 per liter from EGP 6.75, as well\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/162.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/were-going-to-pay-more-at-the-gas-pump-for-the-first-time-since-2019\/","url_meta":{"origin":609389,"position":2},"title":"We\u2019re going to pay more at the gas pump for the first time since 2019","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"The government raised fuel prices by 3-4% over the weekend following a rise in global oil prices during the first quarter, the Oil Ministry said in a statement. The hike \u2014 the first since July 2019 \u2014 means that motorists will now pay an extra EGP 0.25 per liter for\u2026","rel":"","context":"In &quot;FUEL PRICES&quot;","block_context":{"text":"FUEL PRICES","link":"https:\/\/enterpriseam.com\/egypt\/category\/fuel-prices\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543522,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/fuel-prices-rise-by-up-to-3-5\/","url_meta":{"origin":609389,"position":3},"title":"Fuel prices rise by up to 3.5%","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"The government has hiked fuel prices for the fourth time in less than a year in response to rising oil prices. The fuel pricing committee decided to raise prices at the pump by another EGP 0.25 per liter for 95, 92 and 80 octane fuel at its latest meeting, the\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572812,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/govt-keeps-fuel-prices-on-hold-across-the-board\/","url_meta":{"origin":609389,"position":4},"title":"Gov\u2019t keeps fuel prices on hold across the board","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"The government\u2019s fuel pricing committee left the price of all fuel grades unchanged during its quarterly meeting this week, according to an cabinet statement on Wednesday. The price of 95-octane remains EGP 8.50 per liter, 92-octane is EGP 7.50 per liter, and 80-octane is EGP 6.25 per liter. Gas oil\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545901,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/","url_meta":{"origin":609389,"position":5},"title":"We\u2019re paying more at the pumps","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"The government raised fuel prices by c. 3% over the weekend amid a rise in global oil prices on the back of Russia\u2019s invasion of Ukraine. In its latest quarterly meeting, the fuel pricing committee decided to raise prices at the pumps by another EGP 0.25 per liter for 95,\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/285.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609389"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609389\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609390"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609389"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609389"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}